If you’re buying a condo in Las Vegas, there are a few things you need to know first. Your REALTOR® can give you a complete rundown, but for now, this list will get you started.
15 Tips to Help You Buy a Condo You’ll Love in Vegas
Check out the 15 things you need to find out before buying a condo in Las Vegas.
Condo-Buying Tip #1: Learn the Parking Rules
Every condominium complex has its own parking rules (in Vegas and elsewhere), and you’ll need to get to know yours before you move in. Ask your real estate agent to find out what the parking is like, how many spaces you’ll get, who’s responsible if someone violates parking rules, and what will happen to violators? Will you get one or two spaces, or is it a free-for-all in the parking garage or lot?
Condo-Buying Tip #2: What’s the Rental Cap?
If you intend to rent out your condo, you need to make sure that the condo association allows it. In fact, many condominium complexes in Las Vegas (and elsewhere) have specific rules about whether you can turn your condo into a long term rental. A rental cap is the maximum number of units that can be rented out to non-owners, and if your complex has one, you need to make sure that your rental fits under the cap or face penalties.
Condo-Buying Tip #3: Are You Ready to Pitch in on Projects?
In a condominium complex, an owners’ association governs repairs and other projects. The monthly fees you pay will go toward those projects, so you have to decide whether you want to take an active role in the association or let others make decisions on your behalf.
Sometimes big projects come up, and everyone in the association is responsible for pitching in extra to pay for them. For example, if the roof starts leaking and there isn’t enough money in the condo association’s reserves to pay for it, the association will do a special assessment and charge everyone who lives in the complex a fair amount.
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Condo-Buying Tip #4: What’s the Owners’ Association Like?
Some people take condo owners’ associations very seriously, which means you may have to prepare yourself for politics. If you want something done in your complex, there’s a good chance you’ll have to work with other residents and the association to get approval. This is true in Las Vegas condos as much as it is anywhere else; all condominium complexes typically require members to bring a petition to get things done.
Condo-Buying Tip #5: Figure Out Exactly What You’ll Own
When you own a condominium you only own what’s behind your front door. You may own a porch or patio, too. However, the hallway leading up to your door and all of the area outside belongs to the condominium complex.
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Condo-Buying Tip #6: What Are Your Association Fees?
Living in a condominium complex means paying association dues. Usually, these dues are payable every month, quarter or six months; they may also be payable annually. You need to find out what your association dues are, because you are legally required to pay them (you’ll have to sign a contract saying that you will after you buy).
Condo-Buying Tip #7: Figure Out What Amenities You Can Use
Usually, condominium complexes have amenities that all the owners are permitted to use. However, in multi-building communities, sometimes owners are restricted to the amenities in their own building and cannot use amenities in other buildings. You should find out what amenities you are entitled to use; if you make assumptions, you could end up getting a warning (or worse, a fine) from your condo owners’ association. Some of the condo complexes in Vegas are huge, consisting of multiple buildings – and sometimes, each building has unique amenities; one might have a better gym than another, and one may have a rooftop pool while others don’t, for example.
Related: 5 tips for getting higher offers on your home
Condo-Buying Tip #8: Learn the Rules on Pets
Most condominium associations have rules on pets. Those rules may include the types, breeds and even sizes of the pets you may own. For example, some condos may allow dogs under 30 pounds, while others don’t allow any dogs at all. Some condo associations say that their buildings are pet friendly, but only allow birds and fish. If you are a pet parent, you’re going to need to find out what types of pets, what breeds, and what sizes are acceptable in the building.
Condo-Buying Tip #9: Find Out Whether You’ll Like Your Neighbors
If you get a chance, try to talk to the neighbors of the unit you’re interested in buying. Your potential neighbors can give you insight on whether you’ll truly be happy in your new Vegas condo.
Condo-Buying Tip #10: See Whether the Common Areas Are in Good Shape
Take a stroll around the grounds and find out whether the common areas are in good shape. Remember, condo association fees are meant to pay for upkeep and maintenance of common areas; If the areas are in poor condition, it may be a sign that the association is poorly run or that it doesn’t have enough money to make timely repairs. That’s definitely something to watch out for, because if a special project comes up, all the condo owners in the complex will be responsible for pitching in to pay for it if there isn’t enough money in the association’s reserves.
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Condo-Buying Tip #11: Learn About the CC&Rs
Every condominium association has covenants, conditions and restrictions (commonly called CC&Rs). These are specific rules that everyone living in the complex must abide by, and they can range from rules governing the pick-up of pet waste to major issues, such as what you need to do if you have a dispute with a neighbor. You can ask your real estate agent to obtain a copy of a condo complex’s CC&Rs before you make an offer – it’s in your best interest to make sure you can live with the rules they set forth.
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Condo-Buying Tip #12: Can You Airbnb?
If you’re out of town, you may consider renting out your condo as an Airbnb. Doing so could make you a lot of money, particularly in Las Vegas. However, you need to make sure that your association allows it. Some associations don’t allow any short-term rentals, while others don’t allow rentals shorter than six months. If you intend to rent out your condo, make sure you learn the rules before you make an offer on the home.
Note: You also need to know that the city of Las Vegas, as well as Clark County, have regulations about Airbnb rentals. (Check out the regulations for unincorporated Clark County here, and the city of Las Vegas’ regulations here.
Condo-Buying Tip #13: Are There Projects Coming Up?
If the association is about to undertake a big project, be aware that you may have to fork over some of your hard-earned cash to help pay for it – even if you’ve just moved in. Find out whether the condo association has anything planned before you make an offer.
Related: 5 ways to pre-prep your home for sale
Condo-Buying Tip #14: Find Out How the Traffic Is
Visit the condo complex multiple times a day to check out how the traffic is during times you’re most likely to be coming and going. Watch the traffic when parents are taking kids to school and going to work, during lunch time, and after school and after work hours. That way, you can get a good feel of what the traffic is like during peak times. Las Vegas traffic can get pretty serious, so depending on your location, you may uncover some unpleasant surprises while you’re sitting in the car.
Condo-Buying Tip #15: Would You Prefer a House?
Sometimes people learn a bit about condominium ownership and decide they’d be better off in a single-family home. If that’s you, that’s okay; you’re not alone. Just let your real estate agent know so they can begin searching for the right properties for you.
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